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Skandia Board Reveals Counter-Plan

Published onsdag 19 oktober 2005 kl 13.53
Skandia's management board thinks the company is better off without Old Mutual

The management board of Swedish insurance company Skandia continues its fight to keep the company independent.

On Wednesday, the board outlined its case for shareholders against a hostile takeover bid by British-listed Old Mutual, saying Skandia would develop better on its own.

Skandia’s management board rejected the bid in September, but shareholders have had to wait until now for a counter-plan.

The bid by Old Mutual, which is aimed at creating the eighth biggest insurance group in Europe, values the Swedish company at 5.59 billion US dollars.

Old Mutual initially said it was aiming for 90 percent acceptance of the bid, but with some 15 percent of Skandia shareholders having rejected the offer so far, Old Mutual has since indicated it would pursue the bid with less.

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